Prime Minister designate Malcolm Turnbull has declared his first morning in the top job as a "a great time to seize the day," as his deputy defended the decision to axe Tony Abbott.

The former Communications Minister made Tony Abbott the shortest serving prime minister since Harold Holt by a vote of 54 to 44, with one informal vote, in a Liberal party room ballot following a sudden spill on Monday.

Turnbull will be Australia’s sixth Prime Minister in eight years, dating back to John Howard.

"This is a great time to seize the day," Mr Turnbull told reporters in Canberra on Tuesday morning.

"I'm filled with optimism and we'll be setting out, in the weeks and months ahead, we'll be setting out more of those foundations which will ensure our prosperity in the years ahead.

"There has been a change of Prime Minister, but we are a very, very strong Government, very strong country, with a great potential, and we will realise that potential.

"This is a turn of events I did not expect, I have to tell you."

Foreign Minister Julie Bishop easily retained her role as deputy leader after a late challenge from veteran Defence Minister Kevin Andrews failed 70 to 30.

The foreign minister informed Mr Abbott he had lost her support following question time on Monday night.

Ms Bishop told Nine's Today show Monday's events were emotional but she denied she had been disloyal to Mr Abbott.

"He was calm. He was obviously very hurt," she said.

"Emotionally, this is a very draining time for people and I feel for Tony and I feel for Margie and his daughters. I knew them well, and I know what stresses and strains that the leadership are under.

"I think there were tears shed."

She said she was obligated to approach Mr Abbott with the party's views.

"I informed the leader of the views of the majority of the party room. That's the role of the party room. That's the role of the deputy. If I had not done that, I would have been seized of information that the leader needed to know," she said.

"He was calm. He was obviously very hurt... I think there were tears" - Julie Bishop on Tony Abbott's reaction to #libspill last night.

Nationals deputy Barnaby Joyce said he met with Turnbull on Tuesday morning.

“What Australia wants is good Government and good Government starts with strong Coalition agreement and I'm sure Warren (Truss) will be right up to the task there to make sure we get the best possible deal for regional Australia,” Joyce said.

Small Business minister Bruce Billson said Abbott had pledged full support for the decision.

“He said he will give his full support now that the decision has been made and that's a mark of the quality and character of the individual,” Billson told the ABC.

“He made it clear he will support PM Turnbull. Whatever you might say about Tony Abbott, he is one classy, genuine individual.

“Very honourable man and he made it clear that he's disappointed with the result last night but he has given so much to the Liberal Party and the Liberal Party and our colleagues have afforded Tony Abbott so much as well.”